BelgaTrade: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BelgaTrade
Largest movements
- Cash -€101,342
down €101,342 (-76.9%), from €131,824 to €30,482
mainly Receivables within one year (-€62,302) and Current portion of long-term debt (-€49,723)
- Receivables within one year +€62,302
up €62,302 (+37.5%), from €166,013 to €228,315
of which Trade receivables: +€96,155
- Tangible fixed assets -€13,223
down €13,223 (-11.0%), from €120,176 to €106,953
- Current portion of long-term debt -€49,723
down €49,723 (-37.1%), from €134,180 to €84,457
- Other debts -€12,588
down €12,588 (-98.1%), from €12,828 to €240
- Tax, wage and social debts +€12,382
up €12,382 (+178%), from €6,962 to €19,344
- Profit (loss) carried forward +€10,003
up €10,003 (+16.6%), from €60,094 to €70,097
- Debts after one year -€9,457
no longer reported in 2025 (was €9,457)
- Gross operating margin -€5,414
down €5,414 (-11.0%), from €49,368 to €43,954
- Depreciation -€1,870
down €1,870 (-8.1%), from €23,008 to €21,138
- Financial income +€1,844
up €1,844 (+208%), from €886 to €2,730
- Financial charges -€743
down €743 (-7.7%), from €9,606 to €8,863
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €419,749 | €366,733 | -€53,016 | -12.6% |
| Fixed assets | 21/28 | €120,176 | €106,953 | -€13,223 | -11.0% |
| Tangible fixed assets | 22/27 | €120,176 | €106,953 | -€13,223 | -11.0% |
| Land and buildings | 22 | €88,803 | €83,254 | -€5,549 | -6.2% |
| Plant, machinery and equipment | 23 | €20,573 | €19,142 | -€1,430 | -7.0% |
| Furniture and vehicles | 24 | €10,800 | €4,557 | -€6,243 | -57.8% |
| Current assets | 29/58 | €299,573 | €259,780 | -€39,793 | -13.3% |
| Amounts receivable within one year | 40/41 | €166,013 | €228,315 | +€62,302 | +37.5% |
| Trade receivables | 40 | €132,160 | €228,315 | +€96,155 | +72.8% |
| Other amounts receivable | 41 | €33,853 | - | -€33,853 | |
| Cash at bank and in hand | 54/58 | €131,824 | €30,482 | -€101,342 | -76.9% |
| Deferred charges and accrued income | 490/1 | €1,736 | €983 | -€753 | -43.4% |
| Total equity and liabilities | 10/49 | €419,749 | €366,733 | -€53,016 | -12.6% |
| Equity | 10/15 | €69,059 | €79,062 | +€10,003 | +14.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,765 | €2,765 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,765 | €2,765 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,765 | €2,765 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,094 | €70,097 | +€10,003 | +16.6% |
| Amounts payable | 17/49 | €350,690 | €287,671 | -€63,020 | -18.0% |
| Amounts payable after more than one year | 17 | €9,457 | - | -€9,457 | |
| Financial debts | 170/4 | €9,457 | - | -€9,457 | |
| Amounts payable within one year | 42/48 | €338,630 | €287,671 | -€50,960 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €134,180 | €84,457 | -€49,723 | -37.1% |
| Financial debts | 43 | €1,697 | €6,852 | +€5,155 | +304% |
| Credit institutions | 430/8 | €1,697 | €6,852 | +€5,155 | +304% |
| Trade debts | 44 | €182,964 | €176,778 | -€6,186 | -3.4% |
| Suppliers | 440/4 | €182,964 | €176,778 | -€6,186 | -3.4% |
| Taxes, remuneration and social security | 45 | €6,962 | €19,344 | +€12,382 | +178% |
| Taxes | 450/3 | €6,962 | €19,344 | +€12,382 | +178% |
| Other amounts payable | 47/48 | €12,828 | €240 | -€12,588 | -98.1% |
| Accrued charges and deferred income | 492/3 | €2,603 | - | -€2,603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,008 | €21,138 | -€1,870 | -8.1% |
| Other operating charges | 640/8 | €3,328 | €2,835 | -€493 | -14.8% |
| Gross operating margin | 9900 | €49,368 | €43,954 | -€5,414 | -11.0% |
| Operating profit (loss) | 9901 | €23,032 | €19,981 | -€3,051 | -13.2% |
| Financial income | 75/76B | €886 | €2,730 | +€1,844 | +208% |
| Recurring financial income | 75 | €886 | €2,730 | +€1,844 | +208% |
| Financial charges | 65/66B | €9,606 | €8,863 | -€743 | -7.7% |
| Recurring financial charges | 65 | €9,606 | €8,863 | -€743 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €14,312 | €13,848 | -€464 | -3.2% |
| Income taxes | 67/77 | €3,930 | €3,844 | -€85 | -2.2% |
| Profit (loss) for the period | 9904 | €10,382 | €10,003 | -€379 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,382 | €10,003 | -€379 | -3.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.